NIFTY OUTLOOK FOR 23 & REVIEW

ZIG ZAG MOVEMENTS WITH BULLISH BIAS

  

Nifty                               8146    +25 

Nifty opened in the negative following global cues and recovered sharply in the afternoon to close in th positive territory. Further bullishness would be possible if it closes above 8180. Monday’s trading pattern is  a sign of bullishness as it recovered sharply from lower levels and closed at he upper end for the day. Further, Nifty has been moving in a narrow range for the month and the present contraction would lead to inevitable expansion sooner than later.  Nifty spot is expected to encounter resistance at 8185,, 8220 and find support at 8110, 8075 for Tuesday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to witness zigzag movements with bullish bias and midsession could be subdued.